Reserve Bank of India gives tough time to PayPal

By Shekhar Sahu on 29 January 2011 3:39 AM

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paypal dies in India to  comply with governing body Reserve Bank of India logo

For Payapal users residing in India there is a shocking news. The Reserve Bank of India RBI has come with new regulator guidelines for paypal, which would start functioning from March 1st. To comply with RBI's guidelines, now in export related products and services paypal payment may not exceed $500.
continue reading to cry..

Your paypal balance mayn't be used to buy any products or services, (so what's the use of that balance?) In order to buy products, you have to use credit debit card.

Above all you are not allowed to keep money in your paypal account, you have to transfer all money to your Indian bank account with 7 days of receipt.

There is a large number of paypal customers in India from small enterprises, to freelancers, developers, blogger, webmasters, and other users all completely rely on Papal for all transaction and online e commerce.  This unexpected decision may ruin the life of many.

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Let's hope, RBI gives some relief.

also read: Convert Foreign Currency into Local Currency In Google

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